Debt ceiling talks make progress, but House will leave town with no deal

House Speaker Kevin McCarthy said Wednesday that negotiations over raising the U.S. debt limit were progressing toward a deal despite disagreements over spending, with only eight days before the government could face an unprecedented default.

That urgency became more apparent later Wednesday. Fitch Ratings, one of the big three ratings agencies, placed the United States’ triple-A status on “rating watch negative.”

Fitch said it still thinks there will be a resolution to the situation, but added, “The brinkmanship over the debt ceiling, failure of the U.S. authorities to meaningfully tackle medium-term fiscal challenges...